Common use of Partial or Complete Withdrawal Clause in Contracts

Partial or Complete Withdrawal. (A) Within thirty (30) Days of receipt of each withdrawing Party’s notification, each of the other Parties may also give notice that it desires to withdraw from this Agreement and the Contract. Should all Parties give notice of withdrawal, the Parties shall proceed to abandon the Contract Area and terminate the Contract and this Agreement. If less than all of the Parties give such notice of withdrawal, then the withdrawing Parties shall take all steps to withdraw from the Contract and this Agreement on the earliest possible date and execute and deliver all necessary instruments and documents to assign their Participating Interest to the Parties which are not withdrawing, without any compensation whatsoever, in accordance with the provisions of Article 13.6. (B) Any Party withdrawing under Article 11.2 or under this Article XIII shall withdraw from the entirety of the Contract Area, including all Exploitation Areas and all Discoveries made prior to such withdrawal, and thus abandon to the other Parties not joining in its withdrawal all its rights to Cost Oil and Profit Oil generated by operations after the effective date of such withdrawal and all rights in associated Joint Property.

Appears in 2 contracts

Samples: Joint Operating Agreement (Kosmos Energy Ltd.), Joint Operating Agreement

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Partial or Complete Withdrawal. (A) A Within thirty (30) Days of receipt of each withdrawing Party’s 's notification, each of the other Parties may also give notice that it desires to withdraw from this Agreement and the Contract. Should If all Parties give notice of withdrawal, the Parties shall proceed to abandon the Contract Area and terminate the Contract and this Agreement. If less fewer than all of the Parties give such notice of withdrawal, then the withdrawing Parties shall take all steps to withdraw from the Contract and this Agreement on the earliest possible date and execute sign and deliver all necessary instruments and documents to assign their Participating Interest to the Parties which that are not withdrawing, without any compensation whatsoever, in accordance with the provisions of under Article 13.6. (B) . 13.2.B Any Party withdrawing under Article 11.2 or under this Article XIII 13 shall withdraw from the entirety of the Contract Area, including all Exploitation Areas and all Discoveries made prior to before such withdrawal, and thus abandon to the other Parties not joining in its withdrawal all its rights to Cost Oil Hydrocarbons and Profit Oil Hydrocarbons generated by operations after the effective date of such withdrawal and all rights in associated Joint Property.

Appears in 1 contract

Samples: Joint Operating Agreement (Duma Energy Corp)

Partial or Complete Withdrawal. (A) Within thirty (30) Days of receipt of each withdrawing Party’s notification, each of the other Parties may also give notice that it desires to withdraw from this Agreement and the Contract. Should all Parties give notice of withdrawal, the Parties shall proceed to abandon the Contract Area and terminate the Contract and this Agreement. If less than all of the Parties give such notice of withdrawal, then the withdrawing Parties shall take all steps to withdraw from the Contract and this Agreement on the earliest possible date and execute and deliver all necessary instruments and documents to assign their Participating Interest to the Parties which are not withdrawing, without any compensation whatsoever, in accordance with the provisions of Article 13.6. (B) Any Party withdrawing under Article 11.2 or under this Article XIII 13 shall withdraw from the entirety of the Contract Area, including all Exploitation Areas and all Discoveries made prior to such withdrawal, and thus abandon to the other Parties not joining in its withdrawal all its rights to Cost Oil and Profit Oil the production generated by operations after the effective date of such withdrawal and all rights in associated Joint Property.

Appears in 1 contract

Samples: International Operating Agreement (Geoglobal Resources Inc.)

Partial or Complete Withdrawal. (A) Within thirty (30) Days of receipt of each withdrawing Party’s notification, each of the other Parties may also give notice that it desires to withdraw from this Agreement and the ContractAgreement. Should all Parties give notice of withdrawal, the Parties shall proceed to abandon the Contract Area Joint Operations and terminate the Contract and this Agreement. If less than all of the Parties give such notice of withdrawal, then the withdrawing Parties shall take all steps to withdraw from the Contract and this Agreement on the earliest possible date and execute and deliver all necessary instruments and documents to assign their Participating Interest to the Parties which are not withdrawing, without any compensation whatsoever, in accordance with the provisions of Article 13.610.6. (B) Any Party withdrawing under Article 11.2 10.2 or under this Article XIII 12 shall withdraw from the entirety of the Contract Area, including all Exploitation Areas and all Discoveries made prior to such withdrawalJoint Operations, and thus abandon to the other Parties not joining in its withdrawal all its rights to Cost Oil and Profit Oil Hydrocarbons generated by operations after the effective date of such withdrawal and all rights in associated Joint Property.

Appears in 1 contract

Samples: Operating Agreement (Refinery Science Corp)

Partial or Complete Withdrawal. (A) Within thirty (30) Days of receipt of each withdrawing Party’s 's notification, each of the other Parties may also give notice that it desires to withdraw from this Agreement Agreement, the Project, and the Contract. Should all Parties give notice of withdrawal, the Parties shall proceed to abandon the Contract Area and terminate the Contract and this Agreement. If less than all of the Parties give such notice of withdrawal, then the withdrawing Parties shall take all steps to withdraw from the Contract and this Agreement on the earliest possible date and execute and deliver all necessary instruments and documents to assign their Participating Interest to the Parties which are not withdrawing, without any compensation whatsoever, in accordance with the provisions of Article 13.6. . -19- <PAGE> MODEL FORM INTERNATIONAL OPERATING AGREEMENT - 1995 (B) Any Party withdrawing under Article 11.2 or under this Article XIII shall withdraw from the entirety of the Contract Area, including all Exploitation Areas Area and all Discoveries made prior to such withdrawalProject, and thus abandon to the other Parties not joining in its withdrawal all its rights to Cost Oil and Profit Oil generated by operations after the effective date of such withdrawal and all rights in associated Joint Property.

Appears in 1 contract

Samples: Joint Operating Agreement

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Partial or Complete Withdrawal. (A) Within thirty (30) Days of receipt of each withdrawing Party’s notification, each of the other Parties may also give notice that it desires to withdraw from this Agreement and the Contract. Should all Parties give notice of withdrawal, the Parties shall proceed to abandon the Contract Area and terminate the Contract and this Agreement. If less than all of the Parties give such notice of withdrawal, then the withdrawing Parties shall take all steps to withdraw from the Contract and this Agreement on the earliest possible date and execute and deliver all necessary instruments and documents to assign their Participating Interest to the Parties which are not withdrawing, without any compensation whatsoever, in accordance with the provisions of Article 13.6. (B) Any Party withdrawing under Article 11.2 or under this Article XIII 13 shall withdraw from the entirety of the Contract Area, including all Exploitation Areas and all Discoveries made prior to such withdrawal, and thus abandon to the other Parties not joining in its withdrawal all its rights to Cost Oil Hydrocarbons and Profit Oil Hydrocarbons generated by operations after the effective date of such withdrawal and all rights in associated Joint Property.

Appears in 1 contract

Samples: Joint Operating Agreement (Fortune Oil & Gas Inc)

Partial or Complete Withdrawal. (A) Within thirty (30) Days of receipt of each withdrawing Party’s notification, each of the other Parties may also give notice that it desires to withdraw from this Agreement and the Contract. Should all Parties give notice of withdrawal, the Parties shall proceed to abandon the Contract Area and terminate the Contract and this Agreement. If less than all of the Parties give such notice of withdrawal, then the withdrawing Parties shall take all steps to withdraw from the Contract and this Agreement on the earliest possible date and execute and deliver all necessary instruments and documents to assign their Participating Interest to the Parties which are not withdrawing, without any compensation whatsoever, in accordance with the provisions of Article 13.6. (B) Any Party withdrawing under Article 11.2 or under this Article XIII shall withdraw from the entirety of the Contract Area, including all Exploitation Areas and all Discoveries made prior to such withdrawal, and thus abandon to the other Parties not joining in its withdrawal all its rights to Cost Oil and Profit Oil generated by 40 operations after the effective date of such withdrawal and all rights in associated Joint Property.

Appears in 1 contract

Samples: Joint Operating Agreement

Partial or Complete Withdrawal. (A) Within thirty (30) Days of receipt of each withdrawing Party’s notification, each of the other Parties may also give notice that it desires to withdraw from this Agreement and the Contract. Should all Parties give notice of withdrawal, the Parties shall proceed to abandon the Contract Area and terminate the Contract and this Agreement. If less than all of the Parties give such notice of withdrawal, then the withdrawing Parties shall take all steps to withdraw from the Contract and this Agreement on the earliest possible date and execute and deliver all necessary instruments and documents to assign their Participating Interest to the Parties which are not withdrawing, without any compensation whatsoever, in accordance with the provisions of Article 13.6. (B) Any Party withdrawing under Article 11.2 or under this Article XIII shall withdraw from the entirety of the Contract Area, including all Exploitation Exploration Areas and all Discoveries made prior to such withdrawal, and thus abandon to the other Parties not joining in its withdrawal all its rights to Cost Oil and Profit Oil recover Petroleum Costs generated by operations after the effective date of such withdrawal and all rights in associated Joint Property.

Appears in 1 contract

Samples: Joint Operating Agreement (Kosmos Energy Ltd.)

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